November 5, 2009 / 12:05 AM / 8 years ago

UPDATE 1-Goldcorp says net profit falls, but raises forecast

* Q3 adj EPS $0.19/shr vs est $0.16/shr

* Production rises 11 pct to 621,100 oz

* Raises 2009 output guidance, cuts cost outlook (In U.S. dollars unless noted)

TORONTO, Nov 4 (Reuters) - Goldcorp (G.TO) said on Wednesday its third-quarter net profit fell 62 percent, but its core earnings beat estimates, and the company raised its 2009 production outlook and chopped its cost guidance.

The Canadian gold miner, the world’s second-largest by market value, earned $114.2 million, or 16 cents a share, in the three months ended Sept. 30.

That was down from a year-before $297.2 million, or 42 cents a share, when profit was boosted by a $254 million non-cash foreign-exchange related gain.

Stripping out several items, including a $28 million foreign exchange loss, the company earned 19 cents a share, beating the 16 cents a share expected by analysts polled by Thomson Reuters I/B/E/S.

The Vancouver-based company lifted its 2009 gold production forecast to 2.4 million ounces from 2.3 million, and chopped its cost-per-ounce guidance to about $300 on a byproduct basis, down from its previous $345. (Reporting by Cameron French)

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